The explicit dynamic code LS-DYNA3D is used to simulate limited-thickness concrete slabs penetrated and perforated by steel projectiles with velocities from 381 m/s to 1058 m/s. The concrete slab is modeled with Smooth Particle Hydrodynamics (SPH) elements near the trajectory while Finite Element Method (FEM) elements in the others of the target, which is called FE-SPH method. The elastic-plastic model and Johnson-Holmquist concrete model are used to describe the mechanical behaviors of the projectiles and target slabs, respectively. The residual velocities computed by both FEM and FE-SPH method agree well with those of experimental results. For brittle concrete, the penetration and perforation phenomenon modeled by FE-SPH are in closer agreement with the experimental results than those modeled by FEM. Simulation of penetration and perforation by FEM require artificial element erosion set, which would lead to distortion of modeled results.